Credit Agricole Sells Bulgaria Unit to Corporate Commercial Bank

Bulgarian bank Corporate Commercial Bank has acquired Credit Agricole Bulgarian division. Photo by capital.bg

Credit Agricole said on Wednesday it agreed to sell its Bulgaria division to Bulgarian bank Corporate Commercial Bank.

The French bank said the sale would lead to a EUR 160 M reduction in its risk-weighted assets while lowering its solvency ratios by less than 1 basis point.

The transaction still requires approval from regulators and consultation with staff representatives, Credit Agricole added.

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